現金持有與法人持股之關係研究-以台灣製造業上市櫃公司為例

本文採用台灣經濟新報資料庫（TEJ）1998年至2017年台灣製造業上市櫃公司資料，研究現金持有與法人持股之關係，仿照Bao et al.（2012）現金流量對持有現金之敏感度進行研究，觀察結果是否與其相符，實證結果顯示無論使用OLS或GMM4作為估計方法，現金流量敏感度與持有現金變動量呈正相關。本研究在解釋變數加入法人持股比率作為解釋變數，實證結果為公司法人持股較多時，公司會選擇持有較少現金。本研究與陳英豪（2009）提出代理成本假說相同，當公司擁有較多法人持股時，隱含公司具有較佳公司治理機制，使公司股東較能夠抑制經理人持有過多現金自立行為，造就公司具有較少現金持有比例。其二可能為張依玲（2017）提出當法人持股越高時，公司投資效率越容易過度投資。另外探討近期以2015年至2017年進行迴歸分析比較，現金流量對持有現金變動量敏感度由1%顯著轉為不顯著，此實證研究結果與Gupta, G. & Mahakud, J. Financ Innov （2019）相同，其提出敏感度作為財務受限判斷依據會隨金融發展而下降。表示金融體系的長時間發展增加了公司對外融資的可能性，因此對公司持有現金之依賴性下降。

關鍵字

現金持有；法人持股；財務受限；現金流量敏感度

並列摘要

This paper uses the Taiwan Economic News Database (TEJ) 1998 to 2017 Taiwan manufacturing listed company information to study the relationship between cash holdings and legal person holdings, modeled after Bao et al. (2012) cash flow sensitivity to cash holdings The degree of research is conducted to see if the results are consistent with it. The empirical results show that cash flow sensitivity is positively correlated with the amount of cash movements held regardless of whether OLS or GMM4 is used as the estimation method.This study explains the variables to join the legal person shareholding ratio as an explanatory variable. The empirical result is that when the company legal person holds more shares, the company will choose to hold less cash. This study is the same as Chen Yinghao (2009) proposed the agency cost hypothesis. When the company has more legal persons holding shares, the implied company has a better corporate governance mechanism, which makes the company's shareholders more able to restrain the managers from holding too much cash and self-reliance. The company has a lower cash holding ratio. The second possibility is that Zhang Yiling (2017) proposes that when the legal person holds a higher share, the company's investment efficiency is more likely to over-invest. In addition, the recent analysis of regression analysis from 2015 to 2017 shows that the sensitivity of cash flow to holding cash changes has significantly changed from 1% to insignificant.The empirical findings are related to Gupta, G. & Mahakud, J. Financ Innov ( 2019) In the same way, it suggests that sensitivity as a basis for financial constraints will decline with financial development. The long-term development of the financial system has increased the possibility of the company's external financing, so the dependence on the company's cash holdings has declined.

並列關鍵字

Cash holding ； Institutional Ownership ； Financial Constrained ； Cash flow Sensitivity

參考文獻

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.

參考文獻